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General Discussion

jberryhill

(62,444 posts) Sun Oct 6, 2013, 10:14 PM Oct 2013

Would this make sense?

I own my home outright.

Should I take out a loan on as much equity as possible next week and then pay it back at the end of the month if there is no default?

4 replies

= new reply since forum marked as read

Highlight:

Would this make sense? (Original Post) jberryhill Oct 2013 OP

As opposed to making monthly payments if there is a default? ManiacJoe Oct 2013 #1

I didn't say where I'd put the money jberryhill Oct 2013 #2

Thus the question not yet answered. ManiacJoe Oct 2013 #3

And how quickly can you get an equity loan? Inside a week? SheilaT Oct 2013 #4

ManiacJoe

(10,136 posts)

1. As opposed to making monthly payments if there is a default?

Reply to jberryhill (Original post)

Sun Oct 6, 2013, 10:17 PM

Oct 2013

jberryhill

(62,444 posts)

2. I didn't say where I'd put the money

Reply to ManiacJoe (Reply #1)

Sun Oct 6, 2013, 10:24 PM

Oct 2013

ManiacJoe

(10,136 posts)

3. Thus the question not yet answered.

Reply to jberryhill (Reply #2)

Sun Oct 6, 2013, 10:47 PM

Oct 2013

SheilaT

(23,156 posts)

4. And how quickly can you get an equity loan? Inside a week?

Reply to jberryhill (Original post)

Sun Oct 6, 2013, 10:57 PM

Oct 2013

What will it cost you? Even if you pay it back at the end of the month?

It won't be totally free money. There will be costs. And unless you already have the paperwork in place, I suspect it would take more than a week to get the loan and take the money out.

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